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Colombia faces 60 percent drop in oil revenues

Monday, March 23, 2015

Colombia’s government expects $3.5 billion in oil revenue this year, down 60 percent from 2013 as the sharp drop in crude prices reduces the oil industry’s tax and royalty payments, Finance Minister Mauricio Cardenas said.

The situation could worsen in the years ahead, cutting income from oil to $2.2 billion, Cardenas told reporters.

Source: Colombia Reports